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Numerous factors go into setting car insurance rates and the type of car you drive is a big one. Insurance companies look at numerous vehicle factors, which include accident claim rates, repair costs, theft frequency, safety ratings, and of course, the initial cost of the vehicle.

The cost of the vehicle is just one reason most of these rides hit our most expensive to insure list. Other factors that pushed their insurance costs into the stratosphere are the fact that the majority of them are sports or luxury vehicles.

Sports cars are designed for speed, leading to tickets, accidents and claims. Luxury vehicles are loaded to the gills with the latest technology and high-end finishes that are expensive to replace or repair. Teak interiors, premium audio systems and other expensive finishes will always result in sky high insurance rates.

We analyzed rates in every state for approximately 3,000 different vehicle models to find the most expensive vehicles to insure. We pulled insurance quotes from six major insurance companies and averaged the premiums to find this list.

Here are the Most Expensive Cars to Insure for 2020 :

Most Expensive Cars to Insure for 2020
RankMakeModelAverage rate
1MercedesAMG GT R$4,082
2AudiR8 5.2L V10 Quattro Performance$4,033
3NissanGT-R$3,994
4BMW M8M8 Competition XDrive convertible$3,953
5MercedesS65 AMG$3,911
6BMWM760i xDrive$3,814
7PorschePanamera GTS Turbo$3,800
8TeslaModel X Performance$3,798
9DodgeChallenger SRT Hellcat Redeye$3,768
10MercedesS560 convertible$3,766
11BMWI8$3,761
12Porsche911 Carrera GT3 RS$3,732
13BMW840i convertible$3,679
14AudiS8 L Quattro$3,672
15MercedesS63 AMG 4Matic$3,672
16TeslaModel S Performance$3,574
17MercedesMaybach S650$3,565
18BMW750i XDrive$3,470
19JaguarF-Type SVR$3,443
20JaguarXF Sportbrake Prestige$3,425

Most expensive vehicles to insure

The majority of the cars on our most expensive to insure list have a major engine under the hood, a hefty sticker price as well as luxury appointments. Most of them are European, only two U.S. made vehicles managed to hit the top 10. Regardless of where they were built, all of these cars come with sky-high insurance bills.

Number one on our list is the Mercedes AMG GT-R. Insuring this high-end luxury sports car will run $4,082 a year, while this sounds like a lot, if you can afford the $162,000 sticker price, you can more than likely afford to insure it. Its high sticker price is just one reason this vehicle is so expensive to insure. It also comes with 577 hp engine that can run from zero-to-60 mph in 3.5 seconds.

Mercedes managed to put a total of five vehicles in the top 20 with BMW tying with five rides. Porsche, Audi, Tesla and Jaguar put two vehicles each into the top 20.

The second-place car is a great example of why full-on sports cars are so expensive to insure. The Audi R8 is a true blue sports car that is designed for speed, a 5.2-liter dual-injection V10 sits under the hood which pushes this rocket to over 200 miles an hour. Add in a sky-high price tag (the R-8 starts at $170,000) and you can see why insurers charge a fortune ($4,033) to insure this baby.

"Sports cars and high-end luxury vehicles are almost always much more expensive to insure because of repair costs. The finishes in these vehicles are simply more expensive than the materials used in a more moderately priced vehicle," says Carole Walker, executive director with the Rocky Mountain Insurance Information Association.

Insurance companies always factor in the price of the car when setting a premium. This is because if the car is damaged or destroyed by a covered peril, they will be writing a huge check to repair or replace the vehicle.

While the list is dominated by European nameplates, there are a couple of U.S. made vehicles in the mix. Tesla got two vehicles in there, with the Model X Performance slotting into to 8th place and the Model S Performance coming in 16th. While these are both sports cars, the big issue with these cars is the battery. The huge battery under the hood is very expensive to repair or replace, pushing insurance costs even higher.

The Dodge Challenger SRT Hellcat Redeye is the other American made car to hit our list with an 9th place showing, costing $3,768 a year to insure. This monster can crank through the quarter mile in 10.8 seconds at 131 mph. This rear-wheel drive muscle car boasts one of the most powerful engines on the market, which increases its potential for a crash, pushing up the cost of insurance.

It's not just huge engines that make up the most expensive lists, convertibles are common as well. Convertibles are easy targets for thieves, making them more expensive to insure. A less than solid roof, is an easy entry point for car thieves and a damaged convertible roof can be a very expensive repair and insurers charge for it.

How car models affect insurance rates?

Our list clearly points out the sticker price, engine size, and target audience impact insurance costs. Vehicles that are designed to rip up the road and come with teak interiors and the expensive finishes are going to cost an arm and a leg to insure.

A few vehicle factors that insurers consider:

  • Target audience of vehicle: If a car is popular with young men with a lead foot, insurance costs will be higher. On the other hand, if the vehicle is popular with families and safety features are abundant, it should cost less to insure.
  • Advanced Safety features: Cars that are equipped with the latest advanced safety features such as lane departure alerts, back-up cameras, autonomous braking and automatic restraint systems should have fewer accidents and claims. Insurers can usually offer lower rates on those vehicles.
  • Repair costs: Vehicle repairs are more complicated than 20 years ago which pushes up the cost of fixing a vehicle. Luxury and sports vehicles are often very expensive to repair due to materials and the mechanics needed, making them more expensive to repair.
  • Sticker price: Expensive, luxury vehicles will almost always cost more to insure. If the vehicle gets destroyed, the insurer will have to pay a hefty claim. More repair costs mean higher rates for you.
  • Claim rates: Insurance companies love data and one data point they love is the claim rate of your particular vehicle. If your vehicle is a favorite of car thieves or is just prone to claims, you will pay more for car insurance regardless of whether you have ever made a claim or not. High end luxury sports cars are frequent targets of professional car thieves, just another factor that raises rates.
  • Trim level: The trim level you choose can also impact your rates. A higher trim level often adds expensive luxury features and possibly a bigger engine. Both of these will make the car more expensive to repair or replace.

On top of all the luxurious materials, luxury cars tend to be loaded with technology. The latest technology always starts in luxury vehicle market before trickling down to more affordable cars. All of that tech makes repairs and claims much more expensive, leading to higher rates.

Avoid these types of vehicles for cheap insurance

The type of car you drive impacts the cost of your insurance. If you hope to keep your insurance costs low, avoid these vehicles.

  • Sports cars: Avoid sports cars like the ones on this list if you want to keep your insurance affordable. Sports cars come with major engines and are designed to be driven fast which can lead to accidents and claims which cost insurers money.
  • High-end luxury cars: These cars (such as the ones on our list) are expensive to insure due to their hefty price tag and luxury (read expensive) features. If the car is destroyed the insurer will have to write a big check to replace it. Luxury vehicles are also chock full of expensive features which makes them pricey to repair.
  • Electric vehicles: As the Tesla's on our list clearly show, the giant battery and high-end technology make these vehicles expensive to repair or replace. The battery alone can run thousands of dollars if it needs to be replaced.
  • Favorites of car thieves: If the vehicle in your garage ever makes an appearance on any "most stolen vehicles" list you will be paying more for insurance.

Insurers consider these factors when setting a premium

While the vehicle you drive is a big factor in your premium, it’s not the only thing insurers consider when setting a premium:

  • Your personal driving record: This is a major rating factor and one that is under your complete control. Drive safely and avoid tickets as they will raise your rates. Multiple tickets on your record will increase your insurance costs pretty dramatically.
  • Insurance history: Unless you are a brand-new driver, insurers will consider your insurance record. If you have multiple claims on your record, they will consider it a red flag and your rates will be headed up. In addition, if you have ever had an insurance coverage lapse or been non-renewed by an insurer, you will be looking at a higher premium.
  • Location of your car: Where you park your vehicle every night will have an impact on your rates. Insurers look at your address and the surrounding crime rates because they are on the hook for replacing your vehicle if it is stolen. If the crime rate in your area is high, expect a higher premium. In almost all cases, urban areas tend to be more expensive than rural areas due to crime rates as well as the probability of accidents, urban areas have more drivers in smaller spaces which increases the chance of an accident.
  • Credit score: While it is somewhat controversial, almost all insurance companies consider your credit score when setting rates. Currently, there are a few states that do not allow insurers to consider this factor, California, Hawaii, Michigan or Massachusetts have outlawed this factor. Unfortunately, in states where it is allowed, a low credit score can result in a major increase in your rates. Do whatever you can to raise your score for the best rates.
  • Gender and age: Statistics confirm young drivers are involved in more accidents and tickets, making them a bigger risk to insurers. This also makes them very expensive to insure.
  • Your vehicle: The vehicle you drive will have certainly push up (or down) your premium. Luxury and sports cars tend to be much more expensive to insure than a family friendly car. In addition to price, the size of the vehicle can impact rates. Many of the vehicles that come with low insurance rates are large and midsize SUVs. These vehicles are big enough to protect their occupants in the case of an accident, which leads to lower personal injury, medical, and bodily injury insurance claims.

Always consider insurance costs when shopping for a car

The truth is, if you can afford any of the vehicles on this list, there is a good chance you can also easily afford the insurance coverage but for many people, the cost of insurance can put the total cost of a vehicle out of reach.

Whenever you are shopping for a new vehicle, you need to consider the cost of insurance as well. “Get quotes from multiple insurance companies to verify the cost of car insurance on any make and models you are considering,” advises Penny Gusner, Consumer Analyst with CarInsurance.com.

It is never fun to purchase the perfect car and then discover the cost to insure it will put you in the poor house.When gathering insurance quotes be sure you get one for each vehicle and trim level you are considering.

How to find the lowest auto insurance rates?

While the cars on this list are never going to be cheap to insure, there are a few things you can do to lower your premium. Here are just a few tips to keep your costs in check:

  • Discounts: Discounts are one of the best ways to lower your insurance premium. Insurers offer tons of discounts and getting all of the discounts you qualify for will help lower your premium.There are a wide variety of discounts, some of the more common ones include: good student, new customers, low mileage, mature drivers, and multi policies.
  • Secure your vehicle: Most insurance companies will discount your premium if you have an anti-theft device installed in your vehicle. Call your insurer to see what devices will yield the largest discount, car alarms and LoJacks are two types of devices that are common.
  • Bundle it up: Bundling your auto and home policies with the same insurer will always result in a discount. It’s called a bundled discount and is an easy way to lower your premium.
  • Pay in full: If you can afford to pay your annual premium in one payment you should see a discount. Insurers usually provide a break on rates if you pay in full.
  • Raise your deductible: Raising your policy’s deductible is a great way to lower your insurance costs. If you can afford to double your deductible you should see a major discount.
  • Shop around: This is the best way to lower your premium. Insurers rate risk differently which can result in dramatic differences in premium quotes. Figure out what coverage you want and get rates from at least three different insurers. Make sure you are comparing apples to apples in regard to deductibles and coverage levels.